Charlty rtyijtratlon nmibBr 11896fj6 PAROCHIAL CHURCH COUNCIL OF ST MARGAREfs SOUTHSEA ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA CONTENTS INJepw)dent èxaminfs feFrfXt statement offjn#n¢ial aclfvthes Balance Set 10 Nole5 to the finaKial stateMts 11-21
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA PCC MEMBERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The memtws of Sl Margaret's ParLthI Church Cntil {PCC} wbmit the AnNal Report and the Ilnanri81 stslements for the year erthd 31 December 2024. The ha¥e been wep8red in accwdarTrce wth the accounting poli¢ies s in nots 1 to tht a¢coJnts and compty %vith the go¥effn9 re9atn5. the Chari11Ès Act 2011 and 'AccoLmUro 8fMJ ReForbng by Chaiifies.. Statement of Recommended Practi applicable to CrItIeS preparing Ihew accounts in actordance the Finatk?4 Reti Standard apdicabte in UK and Republ of Ireland (FRS 102)"18ff4¢tNe 1 JanLWy 2019). Location st Margaret'$ Church othlrgss is Hwland Rrod. sou1h. Hants P04 90D. Its ba aX4rtts are h8hJ with Lknyds Bank , and Cawter Box Lwnibj. Chartgred INJeFd0n1IY èxamIS ils Urts. Baekground st Margaret's PCC has TlnsIty kn prbng tht ¢cthsraslical parfsh the Trission of the Churdj.. P8Storal. 8¥IstiC. social and e0JmI. Is a corporate body estsblisl48d by the Chur¢h of EnglaTrJ. Thè PCC operates Und thtr Pwochlal Cmffch Council Pow6rs Measure. Sl Maryaret's parish falLs WItn th• D>xse of Portwnouth. Th? pwish n(A¥ makes aft annu Contribuiir.11he parish share.), whith is used to pay dwgy stiwds. to fimd dloc¢6an nis)eS that suppJrt fhe parish and for dTocesan and genoral srn tt)8ts. Tr dK)ctsg w#nts the parish St MargareY$ PCC FS a c•- regtstration number 189666. Publle Ben•fft The PC¢ has ¢p11&1 with th• duty n thg Chthi8s X111 to regard to wblk benefft guitlance pubJisld by th& Chalty CtynrThsskn. Memborshlp of thè Chur¢h The &ectoral Roll for 2024 stLNJd at 61 members. as ierttled by s LY5. Elad4 RON oirw. Operation of th• Paro¢hlal Church Coundl Th9 PCC was ele(atd al Ihe APCM 19th May 2024 wilh 20 m•mbers kn attèndarKe. As thg ele(xofdl rdl number at the meting 3tood at 61 peopl& there were $cS six Tnernbers to be elec to th• PCC. Four current mernbèrs tinUed to vararves. One nominab.on vras recived, and they were duly elect8d. This left va&4ncy. No norination was rEcwved for 4 Deanery Synod reprèsentstiv8. The PCC m$1 five t"m•s dwing the yw. standing & FSnaneg Commlttg• Thi¥ ccfflmittee exists by law vthh to transad the tsJsYtes8 oftr PCC betW8gn me&tin95. h alsts ts)nsldeis financial needs. linc1[1ng pr9paratic of annual PCC budw). plans PCC Meetir agendas. and makes re¢0mmendaor6 for PCC cortsbknlon as it soes fiL Its menerthip comfft the Curate. the Prrest in Char9e, the Church W8rdens, the Treasfftr. crf]e TruStee member and the Secretary. ThB Standlng and Finance Committee met rrve year. REVIEW OF THE YEAR 2024 Mlnlslry: Ther• Is lots io celobrate about 2024 Worshlp Sunday seMee5 have rxythnued to gr aTrJ flouiish. We aro actwety training and empe.Dg tgèm of lay readws, who are growing in LvnfrJ8nc& in hosting. weaching. and taknng on greater resrrf>nsiblty. The Prayer Ministry at mming S1 ha3 also 8wwJed over tr* past year. wth more 0p$e steppiro forward to serve and receive prayer.
PAROCHIAL CHURCH COUNCIL OF ST MARGAREfs SOUTHSEA PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 was an ex¢itin9 year as Kyde the gr of the ng8th"on and Olr acbwbes desry(bwJ elsevthere in thus rewl. acNeved an overall level of finarwl ststslty. Key frjures for 1he year are at In the statsnnt of flnanaal aCtiVes, but the folkM4ng financ4 hiylth9hts are rthY of Tr)ts: Vokntary unstriC gNing for the yEar was in the r&JA) of £72k aFhg frnm an in(xtas• In d regLdar throvJh the Parth In9 Scheme tmih 42 wilar (k5 Oasi ye8r 361 gMrwJ a lilue undw £4.5wlth as at 31 Dec 2024. Afvrther £40K of Unrestricted fvThYs ar frcffi grants received. Voljntary re8trithl givbtq an1Jtsd to £45K ¥ ftthr£113k from grants rg¢vgJ. Income frcTh charitable aclfvrties saw lIary tradi knc¥easo to £99K. £28K of %thlch is Rèstheled, and a furthef £5K from rent incx)me l&'cydè Rewlngl. The Pantry is y key mirllstry and wa$ gstablished whlh a miew ryde to eru that rt was affcidable on 8n Or¥Jng basis. Incc¥ne from thè Ponty arKI donabons are Restrthd suth Ihat Ilw lurtls can onty be used ft>r thè Pmnty and thÉ have exceetsd the costs.. as th have wo¥J&J a degree of to tho or¥Jc#ThJ 0[¥110. Gfft AIY Recovery has provided over £12K and 1$ 8 yUable Inrxèase to ts amounl of a lax payro Ind91'S ¥obJntary ving. This i8 at no cost to the dor aThJ quajtyng are (jraged lo 9n up for GrfIAkl. G&s arKI ¢lectriiity costs exc8èdJ Q7K tn th¢ ye8r tvj Ihal ihe txMk1ing is in rwwl8r use thwhout the week. The &wae he81 inGenfve IRHI} payments haN to o¥•Ye 1he paCk W fLf. The thst&tstion of sol¥ PV parth t(M)f reP1aLnent is rthv ix)kerfJ fly nbjnths n 2025. This wll Sncenty ede de¢ioty ¢osts as well as (lenK>rtsirate Ihe Ch'S WTwnthnt to We contiNe to t¢ eSSed by tho proviS)n of Ih? (5(Kesan Stratsglc DevglDpmeni FuTrJ whl¢h contributed to speCC staff costs as ¥1 8s some bjilthng work The remainiThJ rest fiJrIng for ¢werations 4was transfèrrad to us in Januwy 2025. This is a finlte scJrce of inLtme and Ihe of rryukr gNiryJ Is progres5 towards St MareS be¢(Kn"tr flnandaly 5tlkffi Church Hall letllngs generaw ovor £33K of income and Ihe hall DYrtinu¢s lo te a valuabifr osset both 8s owsion to the community but also in ¥xrne to bs for thè thLffth'$ ffintstry. As a PCC we Its ftdty meet the Paiish Sttare rewt0f£l7. The year ended with a totsl iTh)Jne £336K aThJ experthjre of £256K whith lted in a nel movernent of £8OK ocross unrest and R8StrIc This posilk5 St Margarfs wdl tstheir on9thg ministy.
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FiMn¢È Report ICMtinuÈdJ tkning the year. were abl• to to W asKle a rBSth ensurry suffiuent finana81 resourc8s arè pmtecied to cover any costs shimjld any unltresaen c4rciNnstsnce$ mr rewlt restsicdng abilty to op8rate. The greatest rlsk lo the cngolng (Wal of the thur('s ministsy 15 a faire of Ihe ryM)f. The intent 18 to rerwf the nave during spiing 2025. Cowderation of iyng netting urler the c?19 to thè need to stop acttylU¢s ¢YUrA thg bun(firvJ works Is urthnvay. k Ilem Fajlure of the rvof Llkglihood e(InJrn igh activilw n>Jved rnto the haN. S nd cèfé would have kn pause resulbng i lace roof Increase in energ Is edwm 8dium Installatlon of sojar PV to red fv ManB9• 0Tr8 Day to day flnancld Operatio are cJuctttd by the bctko¢per. Kata PrKaous. wtth over3h3ht and guidance from the Operatrons Manager and the trèasurer. The Manager has I•rtaken bolh of rojss since the bookkeeper th Sp¥thant expendIre rwulres atwval trrt duty athsed wr50n$. Saf•guardlng The Parish w)UrTrues to liatse with the t)ioc8se fvr safeguarding ath¢e and trainiThJ. The PCC lead for s8feguarding Is Laura Preston. the Parish Saf8gu8rdirwJ oifthT is Phikpp8 Dawson. Bulldings Rgport The rool pmjeLI ¢tinUed lo nm IhrcwhcKrt 2024. 7P•th several fund-raThj evenls otswmng thrn9Ut the year snIficant Tling obtained through the NatiC81 Lottery CorNnut)ity fund and tho Cmun[ty Infraslructuia Levy. A Facufty for Ihe roof prc4ect was obta¢ned in March 2024. A al bat surw 8TrJ struckn81 survey have ensured that ts progt8mmè wll FKogress earty in 202S.
PAROCHIAL CHURCH COUNCIL OF ST MARGAREfs SOUTHSEA PCC MEMBERS REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 PCC Menthr5hlp Member$ of PCC ol St Margarfs Churth In 2024 The plectk)ns toc4( place Sunday 19th May at IhehPCM Namè Fran CaT8bolt 811 Smart Prlast in Cha Prestc rd Jone5 Church Waden om Rayner reasuTÈr Ida Mapeta Re48d from 14th 2023 Smith frun 14th 2023 lected mèmber frryn 14th Ila 2023 aul Thwailes [7 141h May 3)23 led merthr Rlect] frcffn 14th May 2023 Lauren Stevens 18Cted mernber Frcrfn 1W May XJ24 The PCC members report was 0ppThed by Ihe Bcrd ofVAnbws ofthe PCC. The PCC Memrs th1.itr Fr¥n¢ls Caraljott Datsd: 24 Apnl 202S
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE PCC OF PAROCHIAL CHURCH COUNCIL OF ST MARGARETS soiyfHSEA I rgport to th8 members of the PCC on my of the fina81 ststemertts of Parochlal Cmrch Councll of St Margaret's Southsea It PCC) for lh8 year end8d 31 Dfcemb8r 2024. Responsiblllths and basis of r•port As the members of the PCC of thè PCC you are responsibk pl¢pation of the finala1 slalements in aVmrd8re with fhe requirerrents of the CharibesAct 2011 llhe 2011 Acll. I report in rospgct of my exarnTnal>Jn of the PCC'S financtal staternents carrd out under section 145 of trTe 2011 ACL In carrying out my examination I have followed al the appfiGabfe Dir8¢1H)ns gNen by the Ch8rity Commission urMr sect)n 145l5llbl of the 2011 Aci Ind•p•ndènt èxaminee5 slatsjnent Sincè the PCC'S gross irwrne exceeded £2.000 Jxjw exaThpr must be a rn8rnb8r of a bcdy listed n sect?n 145 of the 2011 Act. I confirm that 18m quafrfied lo urKlertake the examin8tion because l am a member of ICAEW. which is one of Ihe Ik8tEd bryfies. I have completed my exarninatlon. l that no matters have corn8 to my altention in conn8¢tion with Ihe examtnation gmng cause to bdieve Ihat in any m8ieriJ respe(I: acctyjnts.ng records not kept in respect of tre PCC as by secl)n 130 of the 2011 Act or the financlal statèrnents do rK)t wth ttrK record¥" L the financial slatements dr> not compty the applicabk requirements the forn and content of 8ccounts s8t out in the Charities lACnIS RÈp(wtsl Regulati(5 2(KJ8 0th8r than any rpquirem8nt ihat th8 accDun15 give a trvg and far view whh is rK)t a matter consJered as part of an independant oxaminatK)n. I hav8 conc8ms 8rxJ havè come aL¥oss no olher matters in conn8dion ith thg 8xaffl1nal lo whKh attent¥)n Sho t drawn in this WepLt in ot0 enaE4e a proper understandiNJ of Ithe finanrial statements to be reached. Timothy IlIett FCA Carpenier Box 53 Kent Road Soutrs8a Hampshire P05 3HU United Kingdom D818d: 24 A1 2025
jo ¢0 IYJ Jo VJ ¢4
11 i- ij
PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA BALANCE SHEET ASAT 31 DECEMBER 2024 2023 Fix•d •ss•ts rangl)le assets Investments 12 13 29.120 15.031 15.403 44.151 Debtors Cash at b•)k and kn hand 14 198.626 131,934 221,058 1,49] Cvedltor¥: amt)unts taling due vllthkn on• y•ar 15 5.540 5.7T2 Net Sets 215.518 129.719 Total a8•et• cmrrt Ilablllll•8 253,521 173.870 The funds of IM pcc EThJowment frjnds Restncted income funds unreStrid fund8- geral Unrastrlclwj funds- deggnal 16 17 15,403 15,031 100,140 35.57g 23.120 87,662 19.edxi 253,521 173.870 Tho financ State&ts were apFY0j by merrws dthe PCC C 24Aprl 2025 . trFrdn(as Carabolt Trustee 10.
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEAIBER 2024
Accoufitlng polki•s
Parody Churth Courtll of St Mary4ref¥ S(KJthsea a wistered chartty kn ErvJland and Wale& Tho
Tru3tees are the members of PCC nam8d In the Annual RèF(rt The of Sl Margarefs address is
HNJNand Rc4d, Swthsea ,Hants. P04 9DD.
1.1 Accoutrtlng conv•ntlon
The flnandal statsmet)ts have been wep8red in accordance vrith the PCCS documnt, the
Charlues Act 2011. FRS 102 Tr Fjnanual RrWti Stsndard appfThble tn the UK and RepublK of Irdand.
I'FRS 102.1 and the Charits SORP "Attoffiting arKI Rerrtirbng by Charilies". Stslernent of ReCmended
Pr8Ctir applicable to tieS pr8pariThJ thetr a¢nts acLx)rdano with Ihg FinanGi81 Rgporting Stsndatd
applx>bkn kn the UK and RepublK of Trel (FRS 102r leffectve 1 January 2019). Th8 PCC is a Publ
Bonefit Enoty as defmed by FRS 102.
The PCC has laken a(fvan (rf Iho prv41Sm SORP for th8rltigs not k) prtrpare a Statsment of Cash
The Ilnanclal slatements hav¢ depart frryn the c1$ IAcccrtJn15 arvj Reports) RUlaS 2008 only to
the extent requSrad to a tnje 8rKI fair view. Th15 depwture has irNofved frllowng the StAternent of
ReMrfnded Practice for chara1 apFlyknig FRS 102 rather th8n the versK)n of the Ststement of
Rets)mmonded Pradlce whKh Is releTh to In the Regulations ¥hich h&8 sirte been VTthdroYm.
The fin811 ststemBnts qre in sterfiry, ¥ch is the fonal oJrrerLy of thè PCC. Monetsry
amounts kn tw statenwts 8re r<K•haod lo Ihe nearest£
The finandal stateMts have b88n pr¥ped Ldtr the historical r4)5t convenlion, KlIfIed to Indud6 certan
finaThal InstrurrS at far value. The wwKypal &e$ a(Wed are gel behxf.
1.2 Golng concern
At the time of apprOry Ihe fmanrAal statements, the of the PCC have a aSOnable expectauon
that the PCC has adew8té rèsourtès to eonb.nuè In operational ext5tence fy the foreseeatle future. Thus Ihe
mambers of tho PCC ¢onlinue to lh& gc¥rvJ (xrt)¢wn baÈis of lUnting in weparing the finanual
Statents.
1.3 Charttable funds
Unrestrictèd funds are avalable for use at the of Ihe m&nbera of th PCC in furthe1 of tha
tharitable (ve3.
Deslgnated lurKls eomth lurKts which have been sèt asidè at thg (tiscTrtion of the wmbers of the PCC for
spedfic purposes. The purFMxes and uses of th8 de$bted funds are sot
PAROCHIAL CHURCH COUNCIL OF ST MARGAREF'S SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (COMTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting p¢leS IContlnu•d} Cash donations are recogrse on receipL Other <k)natThs ore recognised orKe Ihe PCC has been notifi1 uf th& donat'on, ue$S rfOrMartt CorN)n$ require deferrdl of the amount. Incofne tax rt¢overable in relats.on lo alkInS receiv9d undgr Grfl Aid or deets of covenanl is rècogftised al the time ofthg donatiL¥). Legacies are re¢fjgnis¢d on rnceipl or otheTh¥lsÈ rfthe PCC has been noiified ol an irnpending disbityJtson, the amount Is kTh)wn, and recept is expecl¢d. 11 the anUt is not kr. the Wcy is treated as a cngent assei. l.S Exnditure Expenditure is rwised once lhe L 8 legal o)ThslnJcth owatton to transfer econom bengfrt tg a third paty. il is probable that a transfer of ecL¥iC tenefits wll be Tequwed n settlement. and thè amount of the ot4igation Can be m8aFdJred reliably. Expenditure is dassffjied by acity. Thè costs ol each acaNty are made up of the lolal ol direct ws18 aw¥J shared costs. inthdin9 SUPPOrt cr£ts 1¥Cd Unilerng each activity. Dir&ct CA)sls attrt)ulablè to 8 sing$• ath.wty a alkxale(I directly to that actrvty. Shared u)sts which contribLrte to rnore Ihan one activity aThl support costs ¥thich aTe not attributablo to a SI 8cvity are apwrtk)fted belween tIK)5e activrfres on a basis ¢onsistent with Ihe use ol resources. Centql st3FF costs are 8knxted on the ba%s of time spent. and depreGtation tharge$ are alh)CAted on thè ponthjn of the asseys use. Costs are eharged direclty to Ihe rtK6t apprcynate activrty orcaÈew of Èxpenditure. Parish 5haTe and other costs diredy Lating to the work and lIlIeS of Ihe Churth are aecwnted for %then they we Inrred or become due payable. 1.6 Tanylble fixed assets Cort5ecrdted and benefi wcfwty is exdLKJ8d from aco)unts by S1012118 & cl of Iho charite$ A¢1 2011. oveatle d)urdi fuff4stsngs hekl by the chUrchwa5 5peu81 trts5t f¢x the PCC aTrJ whtch require a faojlty for dispSaI are capit81i5ed 8t cost aTrJ wrrtlen off oyer thgir usèlul econcfftc Ille oth¥ than where insufficient cost inforrnation is available. In itss Case the item nol capttas8d, but is induded in the ChLbrc's inventory. expenditure the year rm ethsetrate(l or benefte bjikfings. whether for Mainlenan ty lrnproyement. k8 wnlten off & exp8ndth separalety di8dosed. Other TarvJlbb fixed assets a initialty me8sured at LXSt aThJ subsequenty r[wa$u al $¢ or valuation. ol dèprecHb"on and any impairment bs. Depr8uab"on is racognised so as Eo wriie off Ihe cost or valual)n of assets I8s& their SIdUal values over their usèftjl lives on the folkm'ng baw.. tUreS, rth'ng$ & aquwiwit 20% on reducang baLgrKX or strawJht ne The gain or loss on the disFwI of an asset ts determingd a5 the dÉff8rence betvleen the sale proceeds a1 the Can9 vabJ• of the asset. and rwised in the Staterrt of finanGpI aciivities. Individual ol equipm8nt with a Purd v81ue of und £3.5 are vA#ten off when aCqLMre(l. 1.7 FIX ass•t Inv•$lmqnts Fd asset Aivasknenb are initialty meayiied at transaction pnce exdyding tran$3dth costs, 2nd are subsequenljy rtaSu al fr vakje at each reporting (Fate. Ch8nges fft faw value are recognised in net iwKomellexperK*lwel I the year. Transackn ¢osts are expen$8d as incurred. 12-
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS {coKnNUED) FOR IHE YEAR ENDED 31 DECEAIBER 2024 Accounllng poll¢les (cryInu• 1mnI of fixed assèts Al vach reporting erKt date. PCC revivs Iho Can9 8mounts of its taroJTrAe assets to detemlne whether th ks any lThJicatw)n that those assets have suNeTed an wnpairrrent bss. If any suth indkxtion exlsts. th¢ reeovarabl8 alTrt orth• assot h estimaby kn ord¢r to thtemiln8 the oxtent ofthe kn¥dIr(l k)85 Ilf any). 1.9 Cash and cash •qulval•rrts Cash and txh equivalents knc4Lkle (sh in h8fKI. dep)&ts hetd al cam wth banks, other short4erm IKivid investjnents with original mtieS of three rnonth¥ or less, and bank ovordrafts. Bank overdrafts are shown wfthin t#Jffwngs kn rrOnt Ik8Nltie8. 1.10 Flnanclal Instrum•nts The PCC has ekded lo apply Ihe prows¥J)s ol Seelkn 11 'Basic FinKi Instrvments. aThl Sè¢bM 12 '0ther Financi In$trumgnts Issues. of FRS 102 to all ol Its ffinartial trMents. Tinantial inslrurnents arv re(wnlsgd In th& Pctrs banc• swt kn the PCC tecomes party to tha contr8cttJal pffjv1s&S ofth• ingtvument. Financial assets and Ikiblities 8re offseL the net aErwnts Mi Ihg fmancial statemènts, vlhen there a legalty onftyceable rbhl to set off reC(wIs amounts and th&e Is an Inténtm to sellle on a nel b#sk% orto reali8e Ihe a58el and sètlla thtr liatrAIty siffNJhanwJsty. Basic fin•nual•ss•ts Basic finanaal assets. whkh Ind debt(Y8 aTr8 cash and bank baance& ar& iThti81ty Measur at tr8nsaclicffi price Includirs transaction cc6ts and a sth8qWtty rwried at amortlsod cL%t using thè èff8¢tiVg Intgresl method 15 Ihe arTangoment lSteS a fftnarKirvJ tranSactTrl. vhE the transaction is Meas1 at the present value ot th8 futm rerApts dt6cwrtsd 018 mathet rale of tere$L FSnancial assets dasslfi$d as reNabl9 wthin one year are not arnortisgj. Bask ffnanel#l Hablfftl•s Ba$ financTral liabilitles, lnrAg ry9dittys bank knBns a InibaThy re(rynlsed at trwsa¢lKffl ce 1¥$$ Ike arTrngement conslitutes a finandng Iran5adk)n. ¥there the debt instrurrtht is measured at the prnt valua of the fijlure paymènts fthsceunted al a mwket rate of inleresL FJrwirAal l1th1e$ dhssffied as payaL4e within on8 year aro not amcrfti Tradg uedltots are dAvJaticrts to pay for gcods CK Services that have been in lh8 Ordary ccwsé ol operations from 9jPF4ie. AnKxJnts payaNe a d8s5ified as curtenl IkMlrbes if payment ¢5 due %Mthin on$ year or less. If not, they are F&e$ted as rKrrent liabditias. Tr creditors r•p)9nFsed inltially at transacuon price and s[L)Ity m&wJfed 81 arTKxlSsed cost u&ng the 8ffectNe intefest nthrAJ. FInancl liabililies are derec0 thè PCC'S cliJatiCS wre or arè dis¢har9ed or cart1•d. 1.11 EmplOe b•rnffts The cost of any unused entitlonwl rs recwis&J kn Ihe ¥ericJ n) whkh &mKloyee's serviLW are r11. Termination benefits are rÈcognised wnrnedlattty as an expense whn the PCC is denwNt5tsL4y cunrrulted to teminate the em0yrn9nI of an emptye or to prDvk termirratM)n benefi 1.11 Rgtlrtrment b•n•flts Payments to deffir contrkntstion rgtrement benefit sdmes are chty as * gxpTh as they fan due. 13-
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income fn>rn donatlons and legaci•8 Total funds 2024 funds 2023 funds 2024 2023 Donations gffts 72276 44.763 117,039 58.437 46,355 104,792 5,000 68.137 112.982 112.982 33,353 7Z276 157,745 230,021 93,221 84.708 177,929 Grants reedvable for cor• actMtI•s Portsmouth Diocwn Board of Fin8r*• & SDF Contrlbutbn PCC PaAty orant Tesco foodbank grant PCC Fkyjsehdd Support Fund HIVE FUre Youth D0vekpnt Gran¢ 40243 40.243 34.784 34,784 7,511 375 7,511 375 71.339 71.339 18,367 18.387 1,500 112,982 112.982 34.784 68.137 Total funds 2024 funds 2023 2024 2024 2023 2023 Sl Mir9arefs church and church hall Sale of goods Ancillary tradb]g Income Charitsble rgntsl incomè 71,466 27.633 59.114 24,390 83.504 76.5 27.633 104.133 64.512 24,39) 88,902 14-
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMEKrs (coKriNUED) FOR ThIE YEAR ENDED 31 DECEMBER 2024 fotsl unrestric Restrictsd funds fimd$ 2023 2023 Totsl funds 2024 2024 2023 Inte8t relVable 451 699 245 118 363 Oth*r Income Unr•strkt•d Unr•strlrt•d furx15 funds 2024 2023 Olher incom• 757 Exp•ndltyr• on eharltsbl• acllvStl•s Margarofs Mw48r¢Vs ehureh and church and chureh hall church hall 2023 Direct ¢0sts 71204 11.861 17.279 58.423 16.347 48,499 15,579 12.579 60.431 11.149 17.197 57.894 18,654 30.977 8.918 12,234 Doprecialbn Impalrm8nt Parish quola Church bUildg Communty cafe. $p #nd soft play area Panty ssion and 51JPPOrt Churth managernent administrathjn 251.771 217.454 Share of SUpPt and govgrnanc• ¢06ts Is•• note n 4.594 256,331 Anatysb by fund Unre5tTKted funds. general Restricted ftJnd5 134.687 121,644 175.092 46,956 256.331 222,048 15-
PAROCHIAL CHURCH COUNCIL OF ST MARGAREfs SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR ThIE YEAR ENDED 31 DECEMBER 2024 Support ¢ost• 2023 Independent ExaAnerS 4,594 4.594 charitab The Trdependent examinws fees for thg ¢xamknafjon of Ihe acujunts £1.2CKJ {hdud vat). other payrrAI #nd a(1#eY S$ are [¥Jed. M•mb•rs OfThe PCC None of mambats of the PCC lor any Fwsons nn8&8 wth Ihèm) rec£wJ any remuneralion or expenses as a PCC m&nter duriro the yEar. ct¢TQy Sti[ re paid by the C(HMk)nefS WTthin Churc* of England sUpeThdl8ry guid¢lirtes. Employeeg 2024 Mumber 2(123 Number Employment costs 2ty24 2023 Wagtrs and sdarf8s 70,747 59,909 522 71204 60.431 16-
PAROCHIAL CHURCH COUNCIL OF ST MARGAREfs SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 (ContInU) Remunerntlun of key ManageMrt pers4)nn 2023 A4gregate ccrfnpensat 33.661 31.533 1fj Gain¥ and losses on Inv•stsTr Endowm*rt Endovmient furMIs funds 2024 2023 Galnsllk6wl wising on. Revaluatton of Invgstments 372 56 11 Taxallon The chwty is exempt frryn taxati1 rfs ac11vil b8caLF8 all is aPpld for charikbk purposes. 12 TangI)le fix•d aets •quWmèrrt AJ 1 jOnry 2024 55,743 5,341 Ai 31 December 2024 61,084 Doprgcladon and ImpalrrrvJnt At 1 Jarmrary 2024 DepredalKJn charg8d In lh¢ year 26.623 11,861 At 31 December 2024 38.484 C4ryying amount At 31 t)L 2024 22,600 At 31 D8c•mbèr 2023 29.120 17-
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 13 Flxed assel Invulments Unllst•d Inyeslments Cost or valuatlon At 1 January 2024 vaatknn charvJe 15.031 372 At 31 Detsmber 2024 15.403 Carrylng amount At 31 December 2024 15.403 At 31 De¢ember 2023 15,031 14 D•blors 2024 Anwunts falffing du• wlthln on• y•ar. Trade dobtors Othor debtors 5,750 15,OLX) 1.882 138 22.432 3,557 15 Cfedltor8: amounts falllw du¢ wlthln one •r 2024 2023 *£(nlS aw¥J defeffed inc4)me 16 End¢)wmgnt Endowrnent fund5 represent assets vthKh must ts hek1 rmandY by the PCC. Irw)m8 on the endowment fijnds can be used in ac(xyd8nc£ th the ct¥eds ofthe PCC aTrY tndLbJad as unr8strlcI income. kny capilal 9air6 or kss85 ari5vvJ on the a5sels form part of ihe fijnd. At l January Galns and At31 2024 loss D•Comr 2024 Permanent •ndtyrnts 15.031 372 15.403 18-
PAROCHIAL CHURCH COUNCIL OF ST MARGARET'S SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Endowmerf funds IConthiu8d) Pr•vious y••r. At 1 Janu G•lns and 2023 At31 D•c•mber 2023 P¢rn)an•ni WdonIS BeneficeAu9mentalicn FUNJ 14.975 15.031 The ¢8p#81 ol thls fijnd 18 avalablè to the PCC Imjt the InoJne frryn it may b• usèd by tho PCC for If$ generdl purpose& 17 R•strided funds The restricted furd$ of charity c(rfnprfs• lh8 unexFended tralancr5 cl donat•)ns and gr heha on trust subi6¢t to swcffic ojnrfthns ty &)wrs ¥ to how Ihey may usg(t. At 1 January Incomlng 2024 utswrces Transfu¥ &ins •Dd A131 losses D•¢tmber 2024 Diocesan Strategic DeVd0prrnl Fund Panty Fund Rwf Fund- Lottery Solar Panel FundiryJ PCC- Soft Aay Area FLrture Youth {43.0eI (67.2411 16.1231 42.482 47.858 111103 9.343 IX).2661 57.078 51.078 19,7(K 19,700 (3.000> 3.0(KJ {52fxil 100.140 185,626 {121.644) 133.2e6) 130.856 19-
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restrkt•d funds ICon¢inued) Prévk>us yw. At l January Ineomfng Rtyre•S Transf•rs Galns and 2023 resou0• •xp•ndAd At31 2023 Pantry Roof Fd PCC- Sdt Play 23,380 10.(I)O 71,758 31.858 (45.156) I7,) 42.482 47,8S8 (3.{> Future Youlh Devetopnw Grant 11.8001 41380 109216 (46.956) {4.XM)) 100.140 Th• Strnt•gtc DevekVnI Furnl has Erf4ed fvrthg frslaff opakns aTrJ w Porlsrn Cty C¢)uncl conlribLthtl £15.C(K> tchvards Ihe proth of a g)ft 8Y rn wlihln the St Maryarofs church. The tr8nsferto unresthcthl fvnd matthes Ihe (W2abon dwged. A panty VAS estsbFsh8d In 2022. Gra)ts from pr1$17th City Counral. Donations and a tere 1Ved for Tepair& Lott fing of £19.7(MJ w•s for Sdar PaneL8. A 9r•nt Of£5.6 was re¢eN8d fuThJs an intem. Afirtier £1,4tXI was rBceived In Ihe ygor. 18 D•Sn•t¥d fund The unresiréded funds of the charity ts)mpAse Ihe bala of thJnal#Ms And grants 1c are not subject to specffi¢ tdrtKrns by dorKJrs aThJ 9ranlors as lo Ilw be ussd. Thgse indude deslgnated knnds which have been set ashje (Njt of Ltnre4thd fuwyjs by the trustees for purposes. BatsDc• at 1 J•ThJwy2023 1 Jaway 2024 31 Dèc•mb•r 2124 FixwlAssèl Fthvj 31269 (8.149) 23.120 (3.5201 19.600 31.269 18,149} 23.120 (3.5201 19,600 asset tund has b8en dest equ to ts Yah of Lmreithd assèts.
PAROCHIAL CHURCH COUNCIL OF ST MARGARETS SOUTHSEA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Analysis of net •suts b•twÈ•n funds Total funds fvnds g•n•ral d•5ignated funds 2024 Fund balan •t 31 DKembw 2024 ar• pre$entgd by: Tange a58ets Investrnents Current aSslI1L9bS1St} 19.800 15,403 15.403 215.518 87.662 127.856 87.662 19.6 130.856 15.403 253.521 Total funds gMgral d•¥ignat•d 2023 2023 Fund balane•s * 31 Doc•mbor 2023 ar• r•w•s•nt•d by. Tangible assets Inv&stments CuTh¢nt as$otsllbthlit*51 23.120 29.120 15,031 129.719 15,031 35.579 .140 35.579 23.1 100.140 15,031 173.870 TheTe were no disdcwtAe related parfy trartsadh)ns durry the year12023- ne1. 21